Your 2023 Myrtle Beach Housing Market Review
Here’s what you need to know about 2023’s housing market in review.
What happened last year in 2023’s housing market in Myrtle Beach? If you plan on buying or selling in 2024, it helps to understand the trends and numbers from last year. That’s why today, I’m breaking down the most important stats from last year’s housing market.
Single-family home sales were down 21.5% in 2023 compared to 2022, which is very significant. However, despite this slowdown in activity, the median sales price still increased by 2.9% to $370,000.
So why are prices still high even though activity is down? It all comes down to our historically low inventory. We currently only have three months of inventory in Myrtle Beach, which is well below our average. This is a huge advantage for sellers, so even though activity is down, they still have the upper hand.
"The story of our market is low inventory."
Meanwhile, interest rates were high for most of 2023. This is likely why activity slowed down in our area. That being said, rates have decreased very quickly in recent weeks. Currently, the average rate is close to 6.76%, which is the lowest it has been for a long time.
The story with condos is very similar to single-family homes. Sales are down 20.4% year over year, but prices are still up 6.2% to $239,000. Like with homes, prices remain high due to lower inventory.
So what does this mean for 2024? I believe activity will go back up in this market due to interest rates falling. This means prices would increase, and inventory could decrease. I recommend both buyers and sellers act fast to beat the rush and get a great deal before our market heats up again.
In the meantime, please call or email me with any questions. My team would love to help you navigate this market or give you an instant cash offer. We look forward to hearing from you.